白糖日报-20250929

1. Report Information - Report Title: Sugar Daily Report [1] - Date: September 29, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market - SR601 closed at 5478 yuan/ton, down 19 yuan or 0.35%, with a position of 427,474 contracts, a decrease of 3,875 contracts [7] - SR605 closed at 5442 yuan/ton, down 21 yuan or 0.38%, with a position of 66,060 contracts, an increase of 1,699 contracts [7] - US Sugar 03 closed at 16.29 cents/pound, up 0.16 cents or 0.99%, with a position of 466,347 contracts, an increase of 1,067 contracts [7] - US Sugar 05 closed at 15.82 cents/pound, up 0.10 cents or 0.64%, with a position of 134,435 contracts, a decrease of 535 contracts [7] Market Analysis - New York raw sugar futures fluctuated strongly, with the main March contract up 0.99% to 16.29 cents/pound [7] - London ICE white sugar futures' main December contract rose 0.9% to $462.90/ton [7] - Zhengzhou sugar's main contract rose and then fell. The 01 contract closed at 5478 yuan/ton, down 19 yuan or 0.35%, with a reduction of 3,875 contracts [8] - The spot price in domestic producing areas remained flat, with Nanning sugar at 5860 yuan and Kunming sugar at 5720 yuan [8] - Typhoon "Hagasa" had little impact on the main sugarcane areas in Guangxi, and the bullish sentiment dissipated [8] - After the market, speculative short positions were slightly reduced, possibly to reduce position risks before the long holiday [8] 3. Industry News - S&P Global Commodity Insights' survey showed that the sugar production in the central-southern region of Brazil in the first half of September was expected to increase by 15% year-on-year to 3.6 million tons [9] - The cane crushing volume was expected to increase by 6.8% to 45.92 million tons, while the sugar content (ATR) in cane was expected to decline by 3.9% to 153.84 kg per ton of cane [9] - Ethanol production was expected to decrease by 3.4% to 2.37 billion liters [9] - StoneX reported that the global sugar market in the 2025/26 season starting in October was expected to have a supply surplus of 2.77 million tons [9] - Global sugar production was estimated at 197.5 million tons, while consumption was expected to be 194.7 million tons [9] - Brazil's shipping agency Williams data showed that as of the week of September 24, the number of ships waiting to load sugar at Brazilian ports was 76, down from 85 the previous week [9] - The quantity of sugar waiting to be shipped was 3.1039 million tons, down from 3.2827 million tons the previous week [9] 4. Data Overview - The report presented various figures including spot trends, contract basis, price spreads, import profits, warehouse receipts, exchange rates, and trading positions [11][14][19]